Chainlink (LINK) price recently broke out of a three-month consolidation range, signaling a possible uptrend as it heads toward $14 and possibly higher.
The breakthrough has sparked optimism among investors, many of whom expect the altcoin to deliver significant profits. With bullish sentiment rising, LINK appears to be on track to achieve new targets.
The purpose of Chainlink supply is to make a profit
Crypto analyst Michael van de Poppe predicted that Chainlink is in for a strong rally, fueled by its recent breakout above $13.00. Van de Poppe highlights that LINK’s long struggle to break through this level may now be over, opening the door to a potential rally to $17.83. This increase would represent a 37% increase, meaning a significant benefit for LINK holders.
A successful move above $13.00 is expected to bolster investor confidence in Chainlink’s trajectory, with the $17.83 target setting the stage for a new phase of growth. Van de Poppe’s forecast is in line with the current bullish sentiment, suggesting that this breakout could lead to an extended rally.
Chainlink’s macro momentum is further supported by the Global In/Out of the Money (GIOM) indicator. GIOM data shows that approximately 120 million LINK tokens, worth over $1.6 billion, were purchased between $14 and $18.43. If Chainlink’s price continues to rise, this offering could become profitable, sparking even more interest in the asset.
If van de Poppe’s forecast pans out, these holders could see significant gains, increasing the likelihood of Chainlink exceeding its $17.83 target. The potential profitability of these tokens adds an element of anticipation among LINK investors, as further profits may encourage them to hold on to even higher profits. This profitable zone could push Chainlink to an even stronger breakout.
LINK Price forecast: beating the odds
Chainlink price has increased by 33.56% over the past three days and is currently trading at $13.56. If the bullish momentum continues, LINK could turn resistance at $14.45 into support. Establishing such support would strengthen the rally, giving LINK the foundation it needs to achieve its next goals.
With support at $14.45, Chainlink could rise to $17.83 and higher, reaching $18.34. Reaching these levels would make LINK’s $1.6 billion offering profitable, supporting the uptrend.
However, if Chainlink fails to break through the $14.45 resistance, it could return to the $12.94 support level. Losing this support would undermine the bullish outlook, potentially pushing LINK lower to $11.64. The move will alert investors and could signal a change in market sentiment.
